If you're finding it difficult to pay multiple bills and have already missed a few payments in Georgia, it's time you explore options to get relief from debt.

Options to repay your bills - Consolidation and settlement

There are 2 major options which can help you pay off bills and get rid of stress in Georgia. They are:

Georgia debt consolidation: When you have multiple bills to pay (such as store/credit cards, payday loans, medical bills, etc.) at different interest rates, it's better to enroll in a consolidation program. The consultants at the Georgia debt consolidation companies will negotiate with your creditors so that they lower your interest rates and combine all your bills into one monthly payment. Learn more...

Another way to consolidate your bills is to apply for an unsecured consolidation loan and use it to pay down your multiple bills with one large payment. However, Georgia consolidation loans require you to pay out more money as interest since the term of the loan is longer. Learn more...

Georgia debt settlement: This is a program available with Georgia settlement companies that will negotiate with your creditors to forgive a part of your outstanding balance. You'll pay less since the amount you owe is reduced. So, if you're in Atlanta, or any other city in Georgia, you should take advantage of Georgia debt settlement programs to get rid of your bills. Learn more...

Georgia debt consolidation vs settlement

To decide whether you should consolidate bills or go for a Georgia debt settlement program, analyze your financial situation and calculate the total amount you owe. If you think you can pay your bills once your interest rates have been adjusted, you should go for consolidation. However, if you're experiencing financial hardship or someone in your family has had an expensive medical procedure that has exhausted your funds, you should try a Georgia debt settlement program with a settlement company or do it yourself.

Pros and cons of Georgia debt consolidation

Georgia consolidation program have the following pros and cons.
Pros:

You can replace several bills with a low monthly repayment.
Late fees or over-limit charges can be reduced or eliminated.
Clear your debts in approx. 4-6 years.

Cons:

Some companies scam debtors by charging huge upfront fees and providing no services. Learn how to avoid consolidation scams.
You pay more in interest over the long term. For further details, check the article on pros and cons of consolidation.

Pros and cons of Georgia/Atlanta debt settlement

Prior to settling your bills in Atlanta, Georgia, you should be aware of the pros and cons of enrolling in a settlement program.

Pros:

A settlement program eliminates part of your balance.
You get late fees/penalty charges reduced or eliminated.

Cons:

You'll have to pay taxes on the amount forgiven.
Settlement affects your credit score negatively.

However, there are simple ways you can get your credit back on track, after you settle your bills.

3 Tips that may work for you when you consolidate or settle bills

Here are the 3 tips you should follow to make your Georgia consolidation or settlement successful:

Maintain a record of your expenses: Keep track of your monthly expenses, how much you're paying on your bills and how much you can save. The best way to keep track of your spending is to prepare a budget. Stick to your budget and cut back on your expenses.
Put away your credit cards: Don't purchase any item you can't pay for upfront. This way you can avoid using credit cards (cc) for purchase. However, there's no need to close your accounts altogether because keeping them open can raise your credit utilization ratio (credit utilized/available credit limit) and increase your credit score.
Increase your income: Explore ways to increase your income. Try looking for a part-time job to supplement your income and pay down your expenses without incurring late payments. Avoid using payday loans and other types of credit.

FAQ on Georgia debt consolidation and settlement

Q) I've accumulated debts on 4 internet payday loans. I'm not sure whether pdl lending is legal in Georgia. Can I consolidate internet pdls?
Ans: Pdl lending is illegal in Georgia. Therefore, you don't need to go for a Georgia consolidation program. All you need to do is pay the outstanding principal balance in full. You are not required to pay the interest. So you may simply request a repayment plan that you can afford.

Q) A collection agency has sent a notice threatening to sue me for an old cc bill. I have other cards too. I won't be able to pay off the total amount I owe. What's the SOL for cc debt in Atlanta, Georgia?
Ans: The Statue of Limitations (SOL) for cc bills in Georgia is 6 years. If your account is well past the SOL, you should send an Expired SOL Notification Letter to the CA stating that the SOL has expired and you can no longer be sued for the debt. However, if the SOL hasn't expired, you may enroll in an Atlanta debt settlement program and get rid of your cc accounts by reducing the amount you owe.

Q) I have multiple cc bills from a bank in Georgia. Can the bank garnish my wages?
Ans: A creditor can garnish wages in Georgia after it has sued you and is granted a judgment. However, if you're struggling with multiple bills and have incurred late fees or exceeded your credit limit, Georgia debt consolidation may be what you need. Get enrolled in a program or apply for a consolidation loan to get rid of your bills with easy repayments.

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